Microcapsules were prepared by in situ polymerization with urea formaldehyde resin as the wall material and Dulux waterborne acrylic acid as the core material. The effects of the core–wall ratio, water bath temperature and depositing time on the morphology, particle size, yield and encapsulation ratio of microcapsules were investigated by orthogonal experiment of three factors and two levels. The results showed that the core–wall ratio had the greatest influence on the performance of microcapsules. When the core–wall ratio was 0.58:1, the water bath temperature was 70 °C, and the depositing time was 5 d, the microcapsule performance was the best. With the increase in depositing time, the yield of microcapsule particles increased gradually, and the microcapsules appeared to show an adhesive phenomenon. However, the long-term depositing time did not lead to complete deposition and agglomeration of microcapsules. When 10.0% concentration of the waterborne acrylic microcapsules with 0.58:1 of core–wall ratio was added to the coatings, the mechanical and optical properties of the coatings did not decrease significantly, but the elongation at break increased significantly. Therefore, this study offers a new prospect for using waterborne acrylic microcapsules to improve the toughness of waterborne paint film which can be cured at room temperature on a wood surface.